We are pleased to present our latest WealthTech Insight research paper focused on how revenue management is transforming from a purely operational concern to a competitive differentiator. Titled ‘Optimising revenue management: spillage, leakage, and pricing discipline’, this paper was produced in partnership with PureFacts, an end-to-end revenue management platform, and Pirker Partners, a strategic advisory firm.

The aim of this research was to explore how firms can better realize the true value of their earnings through effective and integrated revenue management.

The paper adds to our growing, aggregated knowledge base, and combines qualitative perspectives gained through high-level industry research with quantitative data. The result is a portrait not only of the challenges of revenue management in the wealth space, but also how some leaders are transforming their approaches.

For our readers, we hope the findings in this paper are insightful, as we continue to build an evidence-based view of the industry’s technology evolution.

Research background
As firms grow, both organically and through acquisitions, they increasingly find that increased scale and assets under management (AUM) are not translating into revenue growth.

Rapid consolidation of Registered Investment Advisers (RIAs) in the US market and wider record M&A activity are increasing scale faster than firms’ ability to integrate pricing, billing, and data. Sustained fee compression in the US market is increasingly punishing even minor pricing indiscipline, and discount drift is creating permanent margin erosion. And as US firms to expand into alternatives, bespoke planning, and multi-custodian models, they are facing up to the reality of revenue loss that is now structural, not incidental – driven by fragmented systems and delayed data that prevent earned fees from being billed, collected, or explained in real time.

Against this backdrop, leaders in US wealth management are increasingly asking themselves searching questions:

• Why does asset growth not translate into sustainable revenue growth?
• How do we explain the gap between the revenue we expect to earn and the revenue we actually realise?
• How can we apply deliberate strategy and governance to our pricing behaviour, rather than accumulations of individual adviser-led discounting?
• How can we strengthen pricing discipline as we grow and complexify, rather than compounding our fragmentation and risk?
• How can we defend our revenue processes under heightened regulatory scrutiny?
• How can we turn our revenue management into a competitive advantage rather than a source of risk?

This paper answers those questions. Drawn from interviews with senior wealth management executives in the United States, this paper examines the causes of revenue loss in US wealth management, explores why complexity is increasing, and argues that revenue management is both the industry’s greatest challenge and its greatest opportunity.

It identifies the ways in which revenue management is changing amid greater operational complexity, the increasing pace of M&A and consolidation, the changing economics of wealth management, and the growing segmentation of the client base. It identifies the causes of revenue loss, arguing that these causes are structural, not accidental, and a consequence of increasing firm complexity without integrated revenue management. Finally, it identifies the way out of revenue loss – data, pricing discipline, and an integrated revenue lifecycle – and provides a clear decision framework for executives who want to choose the path of revenue integrity.

The report argues that:

• Revenue loss in wealth management is driven by factors that are structural, predictable, accelerating, and fixable.
• Traditional approaches to revenue management that treat it as a back office operational function, are no longer sufficient.
• Firms that embrace pricing discipline, integrated data, and end-to-end revenue lifecycle management will enjoy significant competitive advantage.
• Firms that proactively build revenue can convert their growth and complexity into sustainable profitability, confident compliance, and enterprise value.

Operational excellence in revenue management is no longer optional. But the opportunity exists for US firms to move from fragmented revenue activities to deliberate, integrated revenue management. This is not just about getting paid correctly. It is about building a resilient, scalable, and trustworthy wealth management business. That work can start now.

Interested in accessing the research? You can read and download the paper here.

About the WealthTech Insight Series (WTIS)
This research is part of The Wealth Mosaic’s WealthTech Insight Series (WTIS), an ongoing and
developing research process, mixing online surveys and interviews, and focused exclusively on technology in the wealth management sector across the world.

Rather than a one-off research process, the WTIS will seek to build an ongoing program of research among wealth managers of different types across the world on a broad range of technology and related topics, building up an aggregated knowledge base of both qualitative views and perspectives as well as quantitative data points.

Discover our research collection!

• AI and analytics in wealth management – read here
• From survival to reinvention: the new playbook for technology spend in wealth management – read here
• The European wealth playbook for growth – read here
• The role of technology for recruitment and retention within wealth management – read here
• The quest to become the best – becoming the trusted wealth coach and adviser – read here
• Productivity and growth in wealth management – read here
• Managing model portfolios on multiple platforms – read here

About PureFacts
PureFacts is an end-to-end revenue management platform purpose-built for the investments industry. Trusted by leading global wealth and asset management firms, PureFacts enables organisations to manage pricing, fee billing, adviser compensation, and performance analytics through a unified, enterprise-grade approach. By strengthening pricing discipline, improving billing accuracy, and providing a reliable revenue book of record, PureFacts helps firms reduce spillage and leakage, enhance transparency, and manage revenue with confidence in highly regulated and complex environments.

Find out more at www.purefacts.com

About Pirker Partners
As a strategic advisory firm, Pirker Partners supports decision-makers at wealth management-relevant firms with a flexible, ongoing engagement model centred on strategic advice and thought leadership on current themes impacting business and technology innovation. It also acts as a platform for dialogue between the various parties involved.

Find out more at www.pirkerpartners.com

About The Wealth Mosaic
The Wealth Mosaic is a UK-headquartered online solution provider directory and knowledge resource, focused specifically on the wealth management industry.

For wealth managers, the buy side of our marketplace, The Wealth Mosaic is designed to enable discovery of key solutions, solution providers and knowledge resources by specific business needs.

For solution providers and vendors, the sell side of our marketplace, The Wealth Mosaic exists to support the positioning, exposure and business development needs of these firms in a more complex and demanding market.

Interested in discovering more? Read our reports!

• US RIA Toolkit 2026 – read here
• Future View Toolkit 2025 – read here
• UK Toolkit 2025 – read here
• AI Toolkit 2025 – read here
• Client Experience Toolkit 2024 – read here
• US WealthTech Landscape Report 2024 – read here

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